Here are some of the most common mortgage loans, along with information to help you decide which is right for you.

We makes no representations with respect to the accuracy of the information contained in the following definitions. This information is not intended to be legal advice. You should seek independent advice from trained professionals, for example, a lawyer and/or an accountant, etc., if you believe you need such advice.

Fixed-rate loan. If you've found a home you plan to live in for 10 to 30 years, consider a fixed-rate loan. It's predictable and stable since the interest rate is set for the full length of the loan. Because the monthly payment stays the same, planning a budget is easier.

Adjustable-rate loan. An adjustable-rate mortgage (ARM) usually starts with a lower initial interest rate than traditional fixed-rate loans. After a set initial payment period (usually 1, 3, 5, 7 or 10 years), the interest rate may change periodically (usually annually or semiannually) based on market conditions. As the rate changes, your monthly payment changes. ARM loans feature an adjustment "cap" or limitation on how much the interest rate can go up or down. This helps limit excessive changes in your monthly payment.

Jumbo loans. These are loans for homebuyers who need larger loan amounts.

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